Scheat is at 29°22′ Pisces with an orb of 2°00′The fixed star Scheat, at 29° Pisces 22′, is a deep yellow star on the leg of the Winged Horse, Pegasus constellation. The three main stars of Pegasus all have a similar astrological influence, those being Scheat, Markab and Algenib. Although Scheat has a nasty reputation in astrology, there are plenty of examples of people with this star prominent expressing the positive manifestations of Scheat. So much depends on the whole chart, the aspects from Scheat and the other stars in the chart.
According to Ptolemy it is of the nature of Mars and Mercury; to Simmonite, of Saturn; to other authors, of Saturn and Mercury; and, to Alvidas, of Neptune in square to Saturn or Mars. It causes extreme misfortune, murder, suicide, and drowning. 
Scheat, Shoulder of Pegasus, is a fixed star of accentuated Saturnian character. Tied up with a malefic, this could lead the native to lose his life in catastrophes such as floods, shipwreck, mining accidents, airplane accident or maybe by suicide. In a mundane chart, with transiting MC or Asc in conjunction, an accident or catastrophe may happen. The first atom explosion, July 18, 1945, saw Scheat conjunction transiting MC and semisquare Saturn. When the severe Alaskan earthquake occurred March 27-28, 1964, Scheat was conjunction Mars square MC and opposition Asc.
On the other hand, it is possible for a positive influence to emanate from Scheat, but only for some people and having an effect on their mental creativity if these people are ready to receive such inflow. This is true with Geothe and Nietzsche. Both had Jupiter conjunction this fixed star. Poet Victor Hugo and anthroposophist Rudolf Steiner had their birth charts showing Mercury conjunction Scheat. Max Valier, inventor of the rocket-car, who also tried to further space exploration, had Scheat conjunction MC square Jupiter. The same configuration is found with writer Ernst Juenger, as well as with television personality Petra Krause, who remained courageous, although tied to a wheelchair.
The Duchess of Windsor had one of the disadvantageous effects of Scheat in her life. At birth, Sun was conjunction Scheat, and in an unhelpful connection with Saturn. because of her, King Edward VII abdicated. Only recognized at a later age, the Duchess of Windsor was for decades not even allowed to enter the British Isles, and she had to live with her husband in France.
Mass murderer Seefeld had the fixed star conjunction Asc and square Saturn. As seen from these examples, the conclusion may be drawn that the fixed star Scheat has a bad effect only if tied up with malefics. 
α and β Pagasi; respectively Markab and Scheat, are both Mars-Mercury stars. Both these stars are true-black malefics in traditional astrology, promising injury by one’s hand or another’s, and life imprisonment. We can now see how, in the times of profane use of astrology, this arose. At this far end of the Zodiac, we find it easy to delude ourselves that ‘now we know it all’; we can take our seats with the gods. ‘Markab’ is commonly a ship, but may be used for any kind of conveyance, a saddle on a horse included, so off we go in or on it. If we did indeed learn what Andromeda had to teach us at the start of the journey, then fine, we can achieve ‘Great Mastery’, the occasionally mentioned positive signature of these two stars: all we could wish for, that being the meaning of Scheat (Al Shi’at). But if we started out rightly, then we should have here no need to exhibit that mastery in secular power, nor should we still need to wish for more than we already have and are: ‘My Kingdom is not the world’, as Jesus said so well. So we can easily recognize the quiet, unassuming, untroubled true master from the embattled, imprisoned, pathetic pretender to mastery. 
Scheat rules the center of the ball of the left foot in the human body. 
The star β (in the near shoulder) is called Scheat, i.e., who goeth and returneth. 
Constellation Pegasus gives ambition, vanity, intuition, enthusiasm, caprice and bad judgment. Prevails against disease of horses and preserves horsemen in battle.  The constellation portends events concerning ships and the ocean and also changes in the weather. In medieval times it was said to indicate vain individuals with a great deal of ambition, but with very poor judgment. 
Scheat Star Conjunctions
Ascendant conjunct Scheat: It will bring forth people endowed with swiftness of movement and limbs alert to perform every task. One man will cause his horse to wheel round in caracoles, and proudly mounted on its back he will wage war from on high; horseman and soldier in one. Another will possess the ability to rob the racecourse of its true length such is his speed that he will seem to dissemble the movement of his feet and make the ground vanish before him. Who more swiftly could fly back from the ends of the earth as messenger or with light foot to the earth’s ends make his way? He will also heal a horse’s wounds with the sap of common plants, and will know the herbs which bring aid to an animal’s limbs and those which grow for the use of man. 
With Sun conjunct Scheat: “Danger through water and engines, liable to accidents or drowning.” 
As an example of the importance of taking the whole chart into consideration, I want to look at just two charts, both with Sun on Scheat. This first is James McGonagle (Sun conjunct Scheat by 25′), a goalie in Canada’s Junior A Hockey League. He tragically died in 2002 aged just 19. He crashed his car “danger through engines” and went through the windshield into water “danger through water….liable to accidents and drowning”. What made this tough for James was the very tight square from watery Neptune (21′) and the Lunar Nodes (06′). The North Node was conjunct the fixed star Menkalinan (14′) “frequently, violent death” . The Sun was also quincunx Pluto (38′). Interestingly, when he died, transiting Pluto was conjunct his Vertex.
Brian Mulroney, the Prime Minister of Canada from 1984 to 1993, has Sun conjunct Scheat (30′). Here the tight aspects are Sun square Mars (33′) and Sun trine Pluto (19′). Neither Mars nor Pluto is on any major star, certainly not the nasty star that James’ North Node was on. The trine to Pluto was helpful in taking him to the top of politics. His Sun is also sextile his Midheaven (career) by just 24′. He gained his real power in 1982 when transiting Pluto was on his Vertex, on the most fortunate fixed star Arcturus.
Moon conjunct Scheat: Worry, loss and gain of friends through criticism, danger of accidents and by water. 
Mercury conjunct Scheat: Many accidents and narrow escapes especially by water, many enemies, trouble through writings, bad for health and domestic affairs.  This causes growth on the left foot, such as warts, or types of fungus. There is disruption of the energy through ht lungs and breathing areas of the cheat causing fungus growths in the lungs. Anyone having this configuration should definitely not smoke, or a serious health problem will result. Emphysema, cancer an other types of lung diseases of a serious nature are a certainty with those who have this configuration if they elect to smoke or otherwise take in foreign matter into the lungs. Natives with this conjunction should drink hot teas such as sassafras, red ginger, ginger root or golden seal root in small amounts. These teas are purifiers and are too strong to drink continuously. As a preventative, a pinch of one of the teas in a large cup of hot water every other day would adequate. However, if a disease has already has already taken hold, ginger root should be taken in small amounts every day, alternating with sassafras tea mixed with ginger root to add to the cleansing properties to the herbs. Combining sassafras with ginger root would ordinarily be too powerful for the body to handle, but in extreme cases, these persons can handle this combination for three days using a teaspoon of each herb in a large cup of hot water. This can be helpful even in the case of cancer or any type of fungus-related disease anywhere in the body. 
Venus conjunct Scheat: Evil environment, suffering through own acts, danger of imprisonment or restraint. 
Mars conjunct Scheat: Many accidents, sickness to native and relatives.  These individuals experience a slight inflammation through the muscle of the left foot and the bronchial sacs. This may manifest as a boil on the bottom of the foot or in the bronchial area. There can be a persistent cough with mucus, with the problem being difficult to diagnose and to heal. These persons should drink hot peppermint or spearmint teas continuously as it is difficult to draw the infections from the bronchial area. The infected mucus simply drifts to other parts of the body, infecting the intestinal and stomach areas. 
Jupiter conjunct Scheat: Many voyages, losses through law, friends and relatives, danger of imprisonment. 
Saturn conjunct Scheat: Danger of death in infancy, domestic trouble, colds and consumption, death by drowning or accident. 
Uranus conjunct Scheat: Deceitful, vacillating, little concentration, psychic, unreliable, involved in difficulties due to own acts, many accidents, death through drowning or by water especially if in 1st, 6th, 8th or 10th houses.  This causes slight spams through the feet that can be considered nerve disorders for the most part. Rubbing the feet often would be a good habit with any type of oil, and soaking them in warm water with a small amount of baking soda. Drinking a half glass of warm milk in the morning will literally heal the nerves and should be made a daily ritual. 
Neptune conjunct Scheat: Prominent in inventive, occult or psychic matters, persecuted, peculiar domestic conditions, many accidents, danger of drowning. 
Scheat Star in Mundane Astrology
The mythology says Scheat is connected to misfortune and water and the air. I will just focus on events related to storms and water, and the air (specifically planes, not spaceships). One more link I found was with industrial disputes. Only looking at Uranus and Saturn conjunct Scheat with orbs under 50′.
Water and Storms – The last time Uranus was on Scheat, the costliest hurricane in history hit America. On September 18 1926, the Great Miami Hurricane killed over 370 people and left 50,000 homeless. In today’s terms, it cost $157 billion, compared to $99 billion for hurricane Katrina back in 2005. Uranus was conjunct Scheat by 45′. There were no aspects to Uranus as there will be this year. The last time Saturn was on Scheat, a ferry sank of Haiti on 01 April 1996 killing over 200 people. On 08 June 1996, an F5 tornado killed 16 people and caused $100 million in damages in Topeka, Kansas.
Air Accidents – The last time Uranus was on Scheat: The first African American to hold a pilots licence, Bessie Coleman died after falling 2,000 feet from her aeroplane on 30 April 1926. On 10 May 1926, two pilots parachuted to safety after their planes collided mid-air at Langley Field, Virginia. The last time Saturn was on Scheat: 03 April 1996, USAF CT-43 crashed in Croatia killing all 35 on board including US Secretary of Commerce Ron Brown. 08 June 1996, an XB-70 Valkyrie and an F-104 Starfighter collided mid-air killing both pilots in Barstow California. 28 July 1996, the US announced that a Lockheed U-2 spy plane had disappeared over Cuba. 06 August 1996, Braniff Airlines Flight 250 crashed in Fall City, Nebraska killing all 42 on board.
Strikes – The last time Uranus was on Scheat: 03 May 1926, the British general strike in support of coal miners started. Over 1.5 million workers walked out which lead to the government declaring martial law. 19 February 1927, another general strike, this time in Shanghai protesting the presence of British troops. The last time Saturn was on Scheat: 17 June 1996, Air France workers walked out on strike. 29 June 1996, a sailor’s strike ended in the UK. These last two tie in the “air” and “water” themes of Scheat so well.
Fixed stars evolve through time. Like us and our planet, their basic nature stays the same but they are constantly changing. As we evolve, the energy of the fixed stars, and even the planets finds new ways of expression. Scheat wasn’t involved in bringing down aeroplanes two centuries ago, nor spaceships last century ago. Just as technology is effected, so is our consciousness. We will find newer, higher manifestations of even the most dreaded of fixed stars, including nasties like Scheat and Algol.
Scheat Star References
1. Fixed Stars and Constellations in Astrology, Vivian E. Robson, 1923, p.206, 207.
2. Fixed Stars and Their Interpretation, Elsbeth Ebertin, 1928, p.80-81.
3. The Living Stars, Dr Eric Morse, p.127-128.
4. The Fixed Star Health and Behavior Imbalance, Ted George and Barbara Parker, 1985, p.168-170.
5. The Witness of the Stars, E. W. Bullinger, Pegasus (the Winged Horse).
6. Astronomica, Manilius, 1st century AD, book 5, p.350-353.